BNMC, Inc. Now Accepting Applications for Seed Capital Accelerator Program, Sponsored by First Niagara Bank Program Designed to Support New and Growing Start-ups on the Buffalo Niagara Medical Campus

FOR IMMEDIATE RELEASETuesday, July 22, 2014

Contact:
Kari Root Bonaro, BNMC, Inc.
716.218.7157, kbonaro@bnmc-old.local

 

BNMC, Inc. Now Accepting Applications for Seed Capital Accelerator Program, Sponsored by First Niagara BankProgram Designed to Support New and Growing Start-ups on the Buffalo Niagara Medical Campus 

(Buffalo, NY – July 22, 2014) The Buffalo Niagara Medical Campus, Inc. (BNMC, Inc.) is now accepting wp-contentlications for its Seed Capital Accelerator Program, sponsored by First Niagara Bank.  First Niagara has provided funding to support new and existing start-ups that are affiliated with the BNMC’s Thomas R. Beecher, Jr. Innovation Center or entrepreneurship programs.

The new fund will provide up to $10,000 in seed funding to enable start-ups to overcome short term business obstacles, and to reach project milestones that are designed to get products and services to market quicker – thus yielding measurable longer term returns on investment.  Grants and loans will be awarded to businesses that have sustainable growth potential, a legitimate funding need, and are making a contribution to the social and business communities on and around the Medical Campus.

“This generous funding from First Niagara will allow us to further support the entrepreneurial ecosystem on the Medical Campus,” said Vic Nole, director of new business development for the BNMC, Inc. “We look forward to helping even more start-ups move from ideation to incubation, creating jobs and re-building our community.”

Program Description

BNMC, Inc. will make available grants or loans to eligible business owners under the program for the following purposes:

  • To purchase equipment or other capital goods.
  • For operating expenses that are directly related to a specific revenue generating project.
  • To acquire inventory required to satisfy a signed purchase order.
  • To pay up to 50% of a new hire’s salary for up to 90 days.
  • To pay for education, mentoring, or training for entrepreneurs and business owners that is directly related to the creation of a new business or the growth of an existing business within the Community.

The program will be directed to companies that are located on the Buffalo Niagara Medical Campus, or to companies (or entrepreneurs) that are being assisted with their formation and growth plans by the business development office at the BNMC, Inc.  Specifically, grants will be provided to either:

  • Revenue generating companies that sell goods and services,
  • Community building companies that provide goods or services to persons on or near the Medical Campus, or
  • Companies that need capital to deliver on projects for BNMC member institutions.

For program wp-contentlications please contact:

Vic Nole, Director of New Business Development, Buffalo Niagara Medical Campus, Inc.

vnole@bnmc-old.local.

Learn more at bnmc-old.local/seedcapital

About the Buffalo Niagara Medical Campus, Inc.

The Buffalo Niagara Medical Campus, Inc. (BNMC, Inc.) is a self-sustaining social enterprise successfully combining innovation, job creation, and urban revitalization. The BNMC, Inc. serves as the umbrella organization of the anchor institutions that make up the Buffalo Niagara Medical Campus located within the 120-acre campus bordering Allentown, the Fruit Belt and Downtown. The BNMC, Inc. fosters conversation and collaboration among its member institutions, its partners and the community to address critical issues impacting them, including entrepreneurship, energy, access and transportation, workforce and procurement, neighborhoods, and healthy communities, with the goal of increasing economic development and building a strong community.

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First Niagara Gives UB Land for Medical School

UB Acquires the Last of 3 Properties to Move Forward with Medical School Construction

First Niagara Financial Group Inc. has given the University at Buffalo (UB) a .85 acre of land to be incorporated into the UB School of Medicine and Biomedical Sciences site. The parcel of land at 973 Main Street is where a current First Niagara bank branch is located.

Although the land is considered a donation, in exchange for $1 First Niagara offered the land, worth wp-contentroximately $2 million, to assist UB in its quest to acquire the third property necessary for the building of the medical school.

Recognizing the importance of the land in UB's plan for the medical school, First Niagara's interim president and chief executive officer, Gary Crosby, stated that “We are committed to doing great things in our community and we are proud to collaborate with UB in order to provide the final piece of the puzzle for the new medical school to move forward.” He also stated that First Niagara is highly supportive of the region's efforts to continue being a recognized leader in life sciences, innovation and research.

Satish K. Tripathi, UB's president, said that “With [this most recent] acquisition, UB can move ahead with its plans for the new medical school, which will help to dramatically improve health care and medical education in our region while providing a significant boost to the local economy.”

UB Med School HOK2The $375 million, 520,000-square-foot medical school will be located on the corner at Main and High Streets.

With high expectations to improve health care throughout Western New York and to attract patients from other areas, the move of the medical school will also contribute to the growing world-class Medical Campus and its vision to attract the best and the brightest. The medical school will be able to graduate more physicians who will most likely stay and practice in the area. Medical school students will have the opportunity to receive a great and invaluable educational experience while near facilities like the John R. Oishei Children’s Hospital, Buffalo General Medical Center, Gates Vascular Institute, Roswell Park Cancer Institute, the UB Clinical and Translational Research Center and others.

“UB will attract the most promising medical students and world-class faculty,” said Michael E. Cain, MD, UB vice president for health sciences and dean of the medical school. “The prospect of a brand new, 21st century medical school next to teaching hospitals and state-of-the-art research laboratories in downtown Buffalo is helping UB to recruit top physicians and scientists, some of whom are already here.”

UB will add several new clinical service areas within the new medical school, providing specialty care and health services not currently offered in the region. Faculty will pursue cutting-edge research and collaborations with member institutions will lead to advanced care for patients.

On October 1st, First Niagara will relinquish the property to UB, later opening a new branch on the BNMC.  Until the new branch opens, a temporary branch will be located at 1031 Main Street.

The groundbreaking for the new building is set for September and construction is expected to be completed in 2016.

*Design rendering by HOK , a global design, architecture, engineering and planning firm.

Read more about the this announcement below:

First Niagara Donating Downtown Land for UB Medical School

Land Donation Leads to First Niagara Branch Shuffle

First Niagara Provides Land for New UB Medical School Project

First Niagara Donates Land for New UB Med School

First Niagara Giving UB Main Street Land for $1

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